Media Bites: Property tycoon reduces debts by €3bn
Sunday independent - High-profile property investor Derek Quinlan has reduced his debts by more than €3bn through a series of asset sales over the last five years.
It is the biggest single repayment of debt owed to NAMA and other banks by a single borrower.
Abu-Dhabi based Quinlan was one of the highest-profile Celtic Tiger property tycoons. He brought together some of Ireland's wealthiest investors to finance dramatic deals such as the €1.1bn buyout of the Savoy hotel group in 2004 and the purchase of Santander's headquarters in Madrid.
Sunday Business Post
AIB is set to slash the interest rates for loans held by some distressed mortgage customers to as low as 0.5pc as part of a new bid to tackle its arrears backlog.
The bank has launched a new product for customers in mortgage arrears, which will see some offered a significantly discounted interest rate for a set period as part of a restructuring deal, cutting their monthly costs significantly.
AIB's latest half-year results show that about 34,000 of the bank's mortgage accounts were in arrears of more than 90 days at the end of June.
Dilosk, a specialist buy-to-let lender, will introduce American-style non-recourse lending to Ireland for the first time.
The move means Dilosk, which expects to be lending in Ireland before the end of the year, could not pursue borrowers for the shortfall if buy-to-let properties are sold for less than the amount owed on their mortgages.
Interest rates would be "competitive" compared with traditional recourse mortgages but Dilosk would not lend more than 75pc of a property's value to investors borrowing on a non-recourse basis.
Dilosk completed the purchase of a €223m mortgage book from Bank of Ireland last week.
UK lawyers will lay out objections to the EU's cap on bankers' bonuses today, arguing in Europe's top court that the rules are an unjustified intrusion.
The rules limiting rewards have been widely criticised by the City, with bank bosses arguing that they put London's financial sector at a disadvantage to New York's and Hong Kong's.
As part of a systematic overhaul of EU banking rules designed to stabilise the financial system, bonuses are being capped at 100pc of banking salaries, or 200pc with shareholder approval.